Five-Unit Apartment
For Sale
$2,195,000
1120 Galveston Ave Unit 1, Fort Worth, TX 76104
Multi-story residences offer individual entries, attached garages, and private outdoor areas.
Property Size6,350 SF
Price / SF$345.67
Days on Market19
Property Features for 1120 Galveston Ave Unit 1
General Information
Standard status
Active
Size
6,350 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
5
Amenities
rooftop or upper-level outdoor spaces
Building Details
Year Built
2021
Listing Agency:
Listing Results, LLC
(817) 283-5134
Listed By:
Jack McLemore · License #0460808
Source:
Brandeekelley
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 30 at 6:59PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Listing Results, LLC
Investment Insights
Based on property information with market context.
Located at 1120 Galveston Ave in Fort Worth’s Near Southside, this five-unit apartment property was built in 2021 and contains approximately 6,350 square feet. The development presents a multi-story residential configuration with individual entries and attached garages for each residence.
The residences are arranged in an urban condo-style setting and feature private outdoor areas at rooftop or upper levels. These spaces provide views toward downtown and the surrounding skyline. The property’s townhome-oriented layout gives each unit a distinct entry and vertical floor plan rather than a conventional shared-corridor arrangement.
The residences are arranged in an urban condo-style setting and feature private outdoor areas at rooftop or upper levels. These spaces provide views toward downtown and the surrounding skyline. The property’s townhome-oriented layout gives each unit a distinct entry and vertical floor plan rather than a conventional shared-corridor arrangement.
Key Highlights
- Five‑unit apartment property with approximately 6,350 SF
- Built in 2021
- Multi‑story residences with individual entries
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$96,558
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.40%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,931,160
$1.9M
Cap Rate 7%
$1,379,400
$1.4M
Cap Rate 9%
$1,072,867
$1.1M
Market Conditions
NOI Build-Up for 6,350 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$196.6K $30.96/SF
− Vacancy
−$21.0K −$3.31/SF
EGI
$175.6K $27.65/SF
− OpEx
−$79.0K −$12.44/SF
NOI
$96.6K $15.21/SF
Area
Fort Worth, TX
Vacancy
10.70%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,931,160
Cap Rate 7%
$1,379,400
Cap Rate 9%
$1,072,867
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.21M – $1.61M
NOI $96,558 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.31M
$2.02M – $2.69M
NOI $161,468 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,105
Businesses Nearby
Explore this area
Business Placement
Demographics for 76104, TX
21,571
Population
9,605
Households
2.2
Avg Household Size
32
Median Age
21%
College-Educated
74%
High-School Grad
5.9 sq mi
ZIP Area
3,656
Density / Sq Mi
$56,848
Median Household Income
$38,131
Median Earnings
$1,385
Median Rent
$145,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multi-story residences offer individual entries, attached garages, and private outdoor areas.
Where is this apartment building located?
The property is located at 1120 Galveston Ave Unit 1 Fort Worth, TX.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: Five‑unit apartment property with approximately 6,350 SF; Built in 2021; Multi‑story residences with individual entries
